Bill > S2036

This bill establishes a property tax exemption specifically for senior citizens that is tied to their income level, using the state's "circuit breaker" income tax credit as a qualifying mechanism. To be eligible, seniors must be 65 years or older (or 60 if part of a joint application), have owned and lived in their home for at least 10 consecutive years, and have qualified for the circuit breaker income tax credit in the previous year. The local board of assessors will determine the exemption amount annually, which can range from one-half to twice the amount of the received circuit breaker tax credit, but the total exemption cannot exceed one percent of the total tax levy. Applicants must submit an annual application with supporting documentation about their income and assets, and the board of assessors can deny the exemption if they determine the applicant has excessive assets. The bill also includes provisions for special cases, such as seniors who receive other tax deferrals or cannot file income taxes, and requires the department of revenue to certify that the tax exemption will be funded through a redistribution within the residential tax levy. This approach aims to provide targeted tax relief for low-income senior homeowners while ensuring the overall tax burden remains balanced.

Budget and Finance

https://malegislature.gov/Bills/194/S2036